Balfour Beatty launches £1bn fund

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Construction firm Balfour Beatty is in the early stages of diversifying into fund management with plans to set up a £1bn infrastructure fund. The new fund, which Balfour itself will invest in, will be headed by Rob Gregor, formerly head of European infrastructure at AMP Capital Investors, and be chaired by Andy Friend, formerly chief executive of Laing. The new fund will buy and manage assets such as toll roads and airports.